The report by the City Futures Research Centre that Sydney needs 200,000 low income homes over 20 years assumes these will be funded by government says the Urban Taskforce.
“The City Futures report identifies a big shortfall in the supply of social and affordable housing in Sydney, but the report has relied on government funding of $2.3 billion every year for 20 years.” says Urban Taskforce CEO Chris Johnson. The capital grant per year for social houses in Sydney is $1.04 billion and for affordable houses is $1.24 billion, giving a total for Sydney each year of $2.28 billion. If regional NSW grants are added, the total subsidies for NSW would be $2.95 billion. “The only other option is to give the private sector incentives through floor space uplift to subsidise social and affordable housing, but the supply of new homes is collapsing fast.”
“The dramatic call for massive numbers of low-income housing comes at the same time that government policies are dramatically reducing the number of new homes approved across Sydney. If the undersupply of affordable homes is to be addressed through private sector providers, rather than government, then we need to ramp up the supply of housing across metropolitan Sydney. Unfortunately the anti-development rhetoric in the lead up to the state election is encouraging approval bodies to be negative about new development. In Ryde all planning proposals are on hold, and in a report on Ryde planning the Greater Sydney Commission has called for a moratorium on new homes, and recommends that this should be considered across metropolitan Sydney.”
“The politicians and community activists across Sydney that are fighting against new urban development are the ones who are stopping the supply of affordable and social homes. The massive numbers of homes needed means the new home industry must be ramped up after the NSW election for the benefit of all Sydneysiders.”
“The Urban Taskforce believes an urgent summit is required on housing supply soon after the new government is known for New South Wales.”
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